Digital Media Online Announces Investment from Primedia
Posted on March 8, 2000Digital Media Online, a developer of B2B communities, has announced a partnership with IndustryClick, a subsidiary of Primedia Inc., as a significant investor. The investment totals more than $14 million, including promotion, licensing and cash.
``This partnership with IndustryClick reinforces Digital Media Online's first mover position of leadership in the digital media marketplace. As the leading daily online resource for digital media professionals, we maintain a team of industry professionals working behind the scenes to supply our community members with the latest content, community news and resources. The teams at Primedia, IndustryClick and Intertec add significantly to our assets and we look forward to expanding on our mutual strengths in the marketplace,'' says Lou Wallace, CEO of Digital Media Online.
The agreement adds Intertec's www.Millimeter.com, www.VideoSystems.com, www.BroadcastEngineering.com, www.WBEonline.com, www.BERadio.com and www.ProAudio.net to the DigitalMediaNet.com industry hub. ProAudio.net includes a database of over 40,000 registered professional audio subscribers. The agreement also licensed to Digital Media Online all editorial content from the print publications associated with the above sites, along with content from Mix Magazine and Sound & Video Contractor.
``We are moving aggressively to establish B2B vertical online communities that join our rich editorial content with commerce in solidly growing industries,'' said Tom Rogers, Chairman and CEO or Primedia.
Timothy Andrews, President and CEO of IndustryClick, Cam Bishop, CEO of Intertec Publishing, and Philip Berg, Vice President of IndustryClick, will join Lou Wallace, CEO of Digital Media Online, Michael J. Skerly, President of Digital Media Online, John J. Wilczak, CEO of iBenefits.com and Jeff Edson, CEO of Quantum 3D as members of the Digital Media Online new board of directors.